Four European entrepreneurs, including Taavet Hinrikus who co-founded money transfer company Wise Plc, announced the launch of Plural, a venture fund worth 250 million euros ($263.20 million) aimed at backing new European tech companies.
The four entrepreneurs – Ian Hogarth, Khaled Heloui and Sten Tamkivi, as well as Hinrikus – said Plural would focus on early-stage financing rounds worth 1 million-10 million euros.
The launch of Plural comes as Europe tries to catch up with the United States in the technology sector.
Earlier this month, French President Emmanuel Macron said he wanted Europe to have 10 tech giants in the next five years, while in February the European Union eased funding rules for innovative semi-conductor plants to try and boost the EU’s own technology chip industry.
Hogarth in 2007 co-founded SongKick, which was sold to Warner Music in 2017. Heloui is a former chief executive of German games developer Bigpoint, which was sold to Youzu in 2016.